Portuguese marketplace Bizay raises €32 million
Bizay, a marketplace for customized products, has raised 32 million euros in a Series C round. The round was led by the European Investment Bank and Indico, with support from Iberis Capital and existing investors.
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Bizay is an online platform from Portugal that’s aimed at small-to-medium sized businesses. It allows them to create customized products, like marketing cards, flyers and leaflets, stickers, and T-shirts.
Money will be used to expand product assortment
It recently raised 32 million euros. The Lisbon-based marketplace wants to use that money to expand its product assortment. The goal is to reach 100,000 products on the platform.
‘The Amazon of customized products’
Currently, the company, founded in 2013, sells to over one million small-to-medium sized business in 21 countries across Europe and America. It wants to become the ‘Amazon’ for fulfilling SMBs’ needs for customized products, Tech.eu writes.
Bizay sells to SMBs in 21 countries.
According to CEO José Salgado, the corona crisis has led to growth in online orders of customizable products. “Our platform will be a key facilitator for businesses to recover at a faster pace. We are totally confident in achieving the goals that will allow us to enter a new level of global ambition.”
Connected to manufacturers that normally won’t supply SMBs
He told TechCrunch that the company’s technology enables them to connect to industrial manufacturers that usually work only for large corporations. “We have no stock, we have no machines, no production. Using artificial intelligence we aggregate multiple orders and supply those orders using the network of industrial producers that we have in our marketplace. So we are able to offer these SMBs competitive prices for small individual orders. These industrial manufacturers would never normally supply SMBs because they are just too small.”
We have no stock, no machines and no production.
54 million euros raised
It’s not the first time that Bizay has raised money. Previously, it raised 22 million euros in a Series B financing round, which means Bizay has now raised a total of more than €54 million.